Learn Chinese - Sino-Australian FTA talks set to enter 'substantive' stage

BIZCHINA / Center

Sino-Australian FTA talks set to enter 'substantive' stage

By Ding Qingfen (China Daily)
Updated: 2006-10-24 08:36

Cargo and service trade negotiations between China and Australia will be
launched officially by the end of the year.

Chinese Assistant Minister of Commerce Wang Chao told the Second Biannual
Australia-China Business Forum that this will see talks on a free-trade
agreement (FTA) between the two countries enter a substantive stage.

"This year, high-level government officials from the two nations have met
twice for FTA negotiations, and the seventh round of negotiation will
start this December. China has a positive attitude towards this," said
Wang.

But the two sides have yet to agree on issues related to the service and
manufacturing sectors, which Ric Wells, head of Australia's China FTA
Task Force, said would be the major challenge faced at this round of
talks.

"We will have a long way to go," said Wells.

A Sino-Australian FTA first came onto the agenda during President Hu
Jintao's trip down under in October 2003, when the two nations signed the
China-Australia Trade and Economy Framework.

Since then, China and Australia have conducted a feasibility study on the
establishment of an FTA between the two nations.

"The economy and trade of the two nations naturally fit each other. A
Sino-Australian FTA could bring benefits to bilateral trade and maintain
economic stability in the Asia-Pacific region," said Wang.

China and Australia already co-operate in sectors including energy,
manufacturing, agriculture, services and education.

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